Industry Survey 2014: Ten results you need to know

Estate planning: 52%

While the big three business model changes appear to be retirement income planning, health-care issues and estate planning, based on the information above, we asked what else will industry professionals be incorporating into their business in 2015 and here are the results:

• Retirement needs analysis

• Long-term care insurance

• Review of health plans

• More integrated marketing

• Medicare supplement

Lead generation

Getting leads is always an issue for advisors. As one respondent told us, “Leads have been a problem for the industry for a hundred years and they will continue to be an issue a hundred years from now.”

So, what’s an insurance professional to do to get around that problem?

While there’s little debate that getting good, qualified leads is the lifeblood of a practice, how those leads are acquired has some wiggle room. With that in mind, we asked insiders, “What is the number-one strategy they use to generate leads.”

The top 5 answers:

• Referrals

• Provide good service to existing clients and CPAs/Attorneys

• I work from my database of prospects and clients

• Networking

• Seminars

Marketing organizations

Seventy-one percent of respondents said they work with a marketing organization; among that group, 81 percent said their marketing organization provided the value they needed. 

More feedback on marketing organizations:

• They’re helpful with Illustrations, strategies, etc. 

• They offer great support and service. 

• The FMO I use offers all the fixed and indexed life, annuities, LTC, DI, and Med Supps I need.

• I’m not getting much help for generating leads with CPAs and JDs.

• Frankly, I don’t need or use a lot of support other than managing the cases during the underwriting process.

Prospecting

Forty-six percent of respondents said they spent, on average, less than $100 to obtain a new qualified prospect. An additional 35 percent spent $100-$250; 13 percent spent $$250-$300; and just 9 percent spent $400+.

Additional prospecting ideas:
Client events, financial Seminars for small business, direct mail for college workshops, paid telemarketing, presenting and moderating at professional conferences. Demographic markets

Seventy-one percent of respondents indicated that the oldest boomers transitioning to seniors has had an impact on their business. But only 48 percent said they differentiated their marketing and sales approach between boomer and senior clients. Just 35 percent differentiated marketing and sales for women and men clients/prospects.

What are you seeing regarding boomers and their retirement plans?

Increased demand for income-guaranteed products. More retirement income planning and Social Security issues. They are beginning to withdraw money and not so much wanting to invest. They have income concerns and rollovers, and want expert advice on Social Security.